Oil is boiling – Petrol and Diesel prices hiked

From tomorrow, our travel expenses would creep up. I guess people should start bike-pooling similar to car-pooling to reduce expenses. This would also reduce the traffic on roads 🙂 .

Finally the long wait is over, today the cabinet has approved the price hike in petrol and diesel.

From midnight today the prices of petrol and diesel would be hiked by Rs. 5 and Rs. 3 respectively from its current price accordingly throughout India. Also the price of LPG gas cylinder has been hiked by Rs. 50 per cylinder. I doubt if common man can go for a gas cylinder with these prices 😦 .

Also customs duty on crude will be made nil from 5%. Customs duty on HSD and petrol will be reduced from 7.5% to 2.5%. Customs duty on other petroleum products will be reduced from 10% to 5%. Finally, excise duty on HSD and petrol will be reduced by Re 1 per litre each. So, Re 1 on petrol and Re 1 on diesel. I guess this has curbed the present hike to such levels. If not otherwise, the expectations were around a price hike of Rs. 10 per litre for petrol and Rs. 5 per litre for diesel which would be even more worse.

May be its right time to invest on hybrid vehicles or hybrid electric vehicles which should be made affordable through immense research and development. This not only reduces our dependency on global oil prices, but also do some good to our environment keeping it green.

For people who are interested in hybrid cars here are some links which you can go through for more information.